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Canada Employment Climbs in October on Full-Time Surge

04 November, 2017, 00:54 | Author: Melinda Barton
  • US unemployment rate falls to 4.1 per cent, lowest in 17 years

On Friday, the U.S. Bureau of Labor Statistics reported its Employment Situation Summary for October 2017-reporting that the nation's unemployment rate decreased by 0.1 percentage point to 4.1 percent, and the number of unemployed persons decreased by 281,000 to 6.5 million.

United States job growth accelerated last month after hurricane-related disruptions hurt employment in September, but there were signs that labour market momentum was slowing as annual wage gains sharply retreated.

The unemployment rate increased to 6.3 per cent, up from 6.2 per cent in September. The consensus call among traders was for a 15,000-job advance, according to economists at Royal Bank of Canada.

In addition, according to analysis from Mark Fleming, Chief Economist at First American, despite overall declines in unemployment, in sectors like homebuilding are still facing labor constraints.

Since January of this year, unemployment in the USA has decreased by seven tenths of a percentage point. The data agency said 18,000 more youths, aged 15 to 24, were employed in October, with all of the growth in full-time work.

The unemployment rate is now 6.9 per cent, up from September's number by 1.1 per cent.

The unemployment rate fell to near a 17-year low of 4.1 per cent because people left the labour force. "Looking through the hurricane-created volatility, job growth is robust".

When combined with August and September's job growth, estimates of which were revised up, data show the economy added jobs over the last three months at a pace of 162,000 a month.

Almost all of the net new hiring was done at firms and organizations, as their payrolls rose 34,500, while the ranks of the self-employed - who tend to be independent contractors that aren't necessarily paid on a regular schedule - edged slightly upward.


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